Mortgage Defaults Hit FHA
Mortgage delinquencies have spread through the entire spectrum of mortgage loans. Delinquencies and defaults have even taken a toll on the Federal Housing Administration. The FHA has legally required reserves of 2% of the loans that it insures. It has now fallen short of that amount. In order to combat this shortfall, the FHA Has announced that they will tighten credit requirements for borrowers as well as increase the standards they require from the lenders who provide these loans to borrowers. It is said that the FHA does not plan to raise any fees or premiums charged to borrowers and that their reserves should be able to stabilize and recover with these more stringent requirements of both borrowers and lenders.
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During our vacation trip in Indonesia, we also stopped off here as part of a hired taxi tour. After Mt. Batur volcano, our guide took us to the rice paddy fields which you can always imagine but is far more impressive in real life.
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